Re: Thomas D. Elias' Aug. 15 commentary, "Drilling more oil will never lower gas prices":
I liked this commentary very much. It brings out some good points, especially about the U.S. refinery capacity and the conspiring of the major oil companies to not increase it. It's a shame how corporate giants attempt to manipulate the oil market to force up prices and their profits.
I would like to bring up one major point that Elias may not be aware of or chose not to bring forward: the long-term decline of oil production in the U.S. The Star did a very good article a month or so ago about the decline in production of oil from existing wells in Ventura County, the state of California, and the overall U.S. If I recall correctly, the U.S. oil production rate is declining about 5 to 10 percent per year. If this decline continues, as would be expected, the oil refineries will not have enough oil to refine in a matter of a few years.
As we have heard in the news lately, it will take 10 years before any new oil fields would be on line to produce oil. We've been told this for 30 years! It is well past time that the U.S. start exploring for "new" oil within our boundaries. Otherwise, for sure, we will be importing more in the future!
I am all for developing new sources of energy -- photovoltaic, solar, wind, hydrogen, etc. -- but since the alternative energy tax credit bill failed, it's going to take a lot longer for alternative energy to become economically feasible and make a dent in the amount of oil imported into the U.S.
-- Ray Benny, Oak View